Adams Resources & Energy, Inc. Announces Third Quarter 2024 Results and Declares Quarterly Dividend
Adams Resources & Energy (NYSE AMERICAN: AE) reported Q3 2024 financial results with total revenue of $695.2 million and a net loss of $4.5 million ($1.76 per share). The company posted EBITDA of $0.2 million and Adjusted EBITDA of $2.3 million. Cash position decreased to $25.1 million from $33.3 million at year-end 2023. GulfMark Energy marketed 72,208 barrels per day, down from 92,556 bpd year-over-year. The company declared a quarterly dividend of $0.24 per share, payable December 20, 2024. Operations were impacted by Gulf Coast hurricanes and weakness in the specialty chemicals market.
Adams Resources & Energy (NYSE AMERICAN: AE) ha riportato i risultati finanziari del terzo trimestre del 2024, con ricavi totali di 695,2 milioni di dollari e una perdita netta di 4,5 milioni di dollari (1,76 dollari per azione). L'azienda ha registrato un EBITDA di 0,2 milioni di dollari e un EBITDA rettificato di 2,3 milioni di dollari. La posizione di liquidità è diminuita a 25,1 milioni di dollari rispetto ai 33,3 milioni di dollari a fine anno 2023. GulfMark Energy ha commercializzato 72.208 barili al giorno, in calo rispetto ai 92.556 bpd dell'anno precedente. L'azienda ha dichiarato un dividendo trimestrale di 0,24 dollari per azione, pagabile il 20 dicembre 2024. Le operazioni sono state influenzate dagli uragani della Costa del Golfo e dalla debolezza nel mercato delle sostanze chimiche speciali.
Adams Resources & Energy (NYSE AMERICAN: AE) reportó resultados financieros del tercer trimestre de 2024 con ingresos totales de 695,2 millones de dólares y una pérdida neta de 4,5 millones de dólares (1,76 dólares por acción). La compañía reportó un EBITDA de 0,2 millones de dólares y un EBITDA ajustado de 2,3 millones de dólares. La posición de efectivo disminuyó a 25,1 millones de dólares desde los 33,3 millones de dólares a finales de 2023. GulfMark Energy comercializó 72.208 barriles por día, una disminución desde los 92.556 bpd del año anterior. La compañía declaró un dividendo trimestral de 0,24 dólares por acción, pagadero el 20 de diciembre de 2024. Las operaciones se vieron afectadas por los huracanes de la Costa del Golfo y la debilidad en el mercado de productos químicos especiales.
아담스 자원 및 에너지 (NYSE AMERICAN: AE)는 2024년 3분기 재무 결과를 보고하며 총 수익이 6억 9,520만 달러, 순손실이 450만 달러(주당 1.76달러)이라고 발표했습니다. 회사는 20만 달러의 EBITDA와 230만 달러의 조정 EBITDA를 기록했습니다. 현금 보유액은 2023년 연말의 3,330만 달러에서 2,510만 달러로 감소했습니다. 걸프마크 에너지는 하루 72,208 배럴을 판매했으며, 이는 작년의 92,556 bpd에서 감소한 수치입니다. 회사는 주당 0.24달러의 분기 배당금을 선언하였으며, 지급일은 2024년 12월 20일입니다. 운영은 걸프 코스트의 허리케인과 특수 화학 물질 시장의 약세로 영향을 받았습니다.
Adams Resources & Energy (NYSE AMERICAN: AE) a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires total de 695,2 millions de dollars et une perte nette de 4,5 millions de dollars (1,76 dollar par action). L'entreprise a enregistré un EBITDA de 0,2 million de dollars et un EBITDA ajusté de 2,3 millions de dollars. La trésorerie a diminué à 25,1 millions de dollars contre 33,3 millions de dollars à la fin de 2023. GulfMark Energy a commercialisé 72 208 barils par jour, en baisse par rapport à 92 556 bpd l'année précédente. La société a déclaré un dividende trimestriel de 0,24 dollar par action, payable le 20 décembre 2024. Les opérations ont été impactées par les ouragans de la côte du Golfe et la faiblesse du marché des produits chimiques spécialisés.
Adams Resources & Energy (NYSE AMERICAN: AE) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 695,2 Millionen Dollar und einem Nettoverlust von 4,5 Millionen Dollar (1,76 Dollar pro Aktie). Das Unternehmen meldete ein EBITDA von 0,2 Millionen Dollar und ein bereinigtes EBITDA von 2,3 Millionen Dollar. Die liquide Mittel sanken von 33,3 Millionen Dollar zum Ende des Jahres 2023 auf 25,1 Millionen Dollar. GulfMark Energy vermarktete 72.208 Barrel pro Tag, was einem Rückgang gegenüber 92.556 bpd im Vorjahr entspricht. Das Unternehmen erklärte eine quartalsweise Dividende von 0,24 Dollar pro Aktie, zahlbar am 20. Dezember 2024. Die Betriebsabläufe wurden von den Hurikans an der Golfküste und von der Schwäche im Markt für Spezialchemikalien beeinflusst.
- Adjusted EBITDA improved in crude oil marketing operations due to higher oil prices
- Pipeline throughput increased to 10,326 bpd from 8,548 bpd year-over-year
- Terminalling volumes improved to 11,319 bpd from 9,350 bpd year-over-year
- Crude oil inventory increased to 411,426 barrels from 267,731 barrels at year-end 2023
- Net loss of $4.5 million ($1.76 per share)
- Cash position declined to $25.1 million from $33.3 million at year-end 2023
- Liquidity decreased to $73.6 million from $80.3 million at year-end 2023
- Crude oil marketing volumes decreased to 72,208 bpd from 92,556 bpd year-over-year
- Transportation fleet mileage declined to 5.89 million miles from 6.51 million year-over-year
Insights
The Q3 2024 results show concerning financial performance with a
Key operational metrics declined year-over-year: crude oil marketing volumes dropped
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”), a company engaged in marketing, transportation, logistics and repurposing of crude oil, refined products and dry bulk materials, today announced operational and financial results for the quarter ended September 30, 2024. The Company also declared a quarterly cash dividend of
Third Quarter 2024 Financial Summary
- Total revenue of
$695.2 million - Net loss of
$4.5 million , or ($1.76) per common share - EBITDA of
$0.2 million - Adjusted EBITDA of
$2.3 million , which excludes inventory valuation losses - Cash and cash equivalents of
$25.1 million , versus$33.3 million at December 31, 2023 - Liquidity of
$73.6 million , versus$80.3 million at December 31, 2023 - Paid cash dividends of
$0.24 per share
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) and Adjusted EBITDA are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled to net (losses) earnings in the financial tables later in this release.
“We are encouraged by the increase in Adjusted EBITDA from crude oil marketing operations, as higher oil prices compared to the prior-year quarter more than offset the lower volumes related to our exit of the Red River operations in the fourth quarter of 2023,” said Kevin Roycraft, President and CEO of the Company. “Our third quarter results reflect the impact of power outages and flooding on our operations throughout the Gulf Coast caused by multiple hurricanes and the prolonged weakness across the specialty chemicals market through a combination of lower demand due to excess capacity, and continued inflationary pressures.”
Additional Operational Highlights
- Adams’ crude oil marketing subsidiary, GulfMark Energy, Inc. (“GulfMark”), marketed 72,208 barrels per day (“bpd”) of crude oil during the third quarter of 2024, compared to 92,556 bpd during the third quarter of 2023 and 67,099 bpd during the second quarter of 2024. The decrease in volumes compared to the prior year period was largely driven by GulfMark’s exit from the Red River trucking operations in the fourth quarter of 2023.
- The collective fleet of Service Transport Company, Adams’ liquid chemicals and dry bulk transportation subsidiary, traveled 5.89 million miles during the third quarter of 2024, versus 6.51 million miles during the third quarter of 2023 and 6.32 million miles during the second quarter of 2024.
- Throughput in Adams’ crude oil pipeline and storage segment, which includes the Victoria Express Pipeline System, was 10,326 bpd for the third quarter of 2024, compared to 8,548 bpd for the third quarter of 2023 and 13,881 bpd for the second quarter of 2024, and terminalling volumes were 11,319 bpd for the third quarter of 2024, compared to 9,350 bpd in the third quarter of 2023, and 16,660 bpd for the second quarter of 2024.
- Adams’ remained solidly positioned with 411,426 barrels of crude oil inventory at September 30, 2024, compared to 267,731 barrels at December 31, 2023.
Capital Investments and Dividends
During the third quarter of 2024, the Company had capital expenditures of
As part of Adams’ on-going capital allocation strategy, the Board of Directors declared a quarterly cash dividend for the third quarter of 2024 of
Use of Non-GAAP Financial Measures
To supplement the Company’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release and accompanying schedules include the non-GAAP financial measures of earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA. The accompanying schedules provide reconciliations of EBITDA and Adjusted EBITDA to net earnings (losses), their most directly comparable financial measure calculated and presented in accordance with GAAP. The Company defines EBITDA as net earnings (or losses) before interest income or expense, income tax and depreciation and amortization expense, and Adjusted EBITDA as EBITDA after removing the effects of inventory liquidation gains and valuation losses. Company management believes these measures are useful indicators of the financial performance of our business and uses these measurements as aids in monitoring the Company’s ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against peer companies. Management also believes that EBITDA and Adjusted EBITDA are useful to investors as they are measures commonly used by other companies in our industry and provide a comparison for investors for the Company’s performance relative to its competitors. Our non-GAAP financial measures should not be considered as alternatives to net income or any other measure of financial performance calculated and presented in accordance with GAAP. Adams’ non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Adams does.
Conference Call
In light of the proposed transaction with Tres Energy LLC announced earlier today, the Company has cancelled the conference call, previously scheduled for Wednesday, November 13, 2024, to discuss its results for the third quarter of fiscal 2024.
About Adams Resources & Energy, Inc.
Adams Resources & Energy, Inc. is engaged in crude oil marketing, transportation, terminalling and storage, tank truck transportation of liquid chemicals and dry bulk, interstate bulk transportation logistics of crude oil, condensate, fuels, oils and other petroleum products and recycling and repurposing of off-specification fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, LLC, GulfMark Terminals, LLC, Firebird Bulk Carriers, Inc. and Phoenix Oil, Inc. For more information, visit www.adamsresources.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, capital deployment plans and other aspects of our operations or operating results as well as future industry developments and economic conditions. In many cases you can identify forward-looking statements by terminology such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “target” or similar words. Statements may be forward looking even in the absence of these particular words. Forward-looking statements include statements about the expected timing, closing, and impact of the proposed merger transaction announced earlier today. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results or conditions, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, and any other risk factors included in Adams’ reports filed with the Securities and Exchange Commission. However, there can be no assurance that such expectation or belief will result or be achieved. Unless legally required, Adams undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact
Tracy E. Ohmart
EVP, Chief Financial Officer
tohmart@adamsresources.com
(713) 881-3609
| ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Marketing | $ | 660,842 | $ | 719,925 | $ | 1,967,491 | $ | 1,913,673 | ||||||||
| Transportation | 21,758 | 24,206 | 67,745 | 75,103 | ||||||||||||
| Pipeline and storage | 43 | 59 | 67 | 308 | ||||||||||||
| Logistics and repurposing | 12,520 | 16,424 | 39,403 | 46,458 | ||||||||||||
| Total revenues | 695,163 | 760,614 | 2,074,706 | 2,035,542 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Marketing | 657,191 | 710,169 | 1,948,591 | 1,894,416 | ||||||||||||
| Transportation | 19,778 | 19,642 | 59,284 | 62,315 | ||||||||||||
| Pipeline and storage | 929 | 659 | 2,568 | 2,350 | ||||||||||||
| Logistics and repurposing | 12,555 | 15,121 | 40,579 | 41,448 | ||||||||||||
| General and administrative | 4,520 | 4,162 | 13,755 | 10,649 | ||||||||||||
| Depreciation and amortization | 5,752 | 6,936 | 18,287 | 21,289 | ||||||||||||
| Total costs and expenses | 700,725 | 756,689 | 2,083,064 | 2,032,467 | ||||||||||||
| Operating (losses) earnings | (5,562 | ) | 3,925 | (8,358 | ) | 3,075 | ||||||||||
| Other income (expense): | ||||||||||||||||
| Interest and other income | 528 | 119 | 1,662 | 893 | ||||||||||||
| Interest expense | (572 | ) | (1,027 | ) | (2,036 | ) | (2,525 | ) | ||||||||
| Total other expense, net | (44 | ) | (908 | ) | (374 | ) | (1,632 | ) | ||||||||
| (Losses) Earnings before income taxes | (5,606 | ) | 3,017 | (8,732 | ) | 1,443 | ||||||||||
| Income tax benefit (provision) | 1,066 | (759 | ) | 1,465 | (357 | ) | ||||||||||
| Net (losses) earnings | $ | (4,540 | ) | $ | 2,258 | $ | (7,267 | ) | $ | 1,086 | ||||||
| (Losses) Earnings per share: | ||||||||||||||||
| Basic net (losses) earnings per common share | $ | (1.76 | ) | $ | 0.89 | $ | (2.83 | ) | $ | 0.43 | ||||||
| Diluted net (losses) earnings per common share | $ | (1.76 | ) | $ | 0.88 | $ | (2.83 | ) | $ | 0.42 | ||||||
| Dividends per common share | $ | 0.24 | $ | 0.24 | $ | 0.72 | $ | 0.72 | ||||||||
| ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) | ||||||
| September 30, | December 31, | |||||
| 2024 | 2023 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 25,089 | $ | 33,256 | ||
| Restricted cash | 10,448 | 11,990 | ||||
| Accounts receivable, net of allowance for credit losses | 144,334 | 164,295 | ||||
| Inventory | 30,028 | 19,827 | ||||
| Income tax receivable | 823 | — | ||||
| Prepayments and other current assets | 2,322 | 3,103 | ||||
| Total current assets | 213,044 | 232,471 | ||||
| Property and equipment, net | 99,607 | 105,065 | ||||
| Operating lease right-of-use assets, net | 3,971 | 5,832 | ||||
| Intangible assets, net | 6,743 | 7,985 | ||||
| Goodwill | 6,673 | 6,673 | ||||
| Other assets | 2,956 | 3,308 | ||||
| Total assets | $ | 332,994 | $ | 361,334 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 178,617 | $ | 183,102 | ||
| Current portion of finance lease obligations | 5,843 | 6,206 | ||||
| Current portion of operating lease liabilities | 1,688 | 2,829 | ||||
| Current portion of long-term debt | 2,500 | 2,500 | ||||
| Other current liabilities | 16,720 | 16,150 | ||||
| Total current liabilities | 205,368 | 210,787 | ||||
| Other long-term liabilities: | ||||||
| Long-term debt | 12,500 | 19,375 | ||||
| Asset retirement obligations | 2,551 | 2,514 | ||||
| Finance lease obligations | 15,248 | 19,685 | ||||
| Operating lease liabilities | 2,293 | 3,006 | ||||
| Deferred taxes and other liabilities | 10,254 | 13,251 | ||||
| Total liabilities | 248,214 | 268,618 | ||||
| Commitments and contingencies | ||||||
| Shareholders’ equity | 84,780 | 92,716 | ||||
| Total liabilities and shareholders’ equity | $ | 332,994 | $ | 361,334 | ||
| ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating activities: | |||||||||||||||
| Net (losses) earnings | $ | (4,540 | ) | $ | 2,258 | $ | (7,267 | ) | $ | 1,086 | |||||
| Adjustments to reconcile net (losses) earnings to net cash | |||||||||||||||
| (used in) provided by operating activities: | |||||||||||||||
| Depreciation and amortization | 5,752 | 6,936 | 18,287 | 21,289 | |||||||||||
| Gains on sales of property | (57 | ) | (663 | ) | (912 | ) | (1,429 | ) | |||||||
| Provision for credit losses | — | 39 | (75 | ) | 29 | ||||||||||
| Stock-based compensation expense | 423 | 389 | 1,181 | 1,044 | |||||||||||
| Change in contingent consideration liability | — | — | — | (2,566 | ) | ||||||||||
| Deferred income taxes | (1,086 | ) | 773 | (2,709 | ) | 3 | |||||||||
| Net change in fair value contracts | — | (35 | ) | — | (335 | ) | |||||||||
| Changes in assets and liabilities: | |||||||||||||||
| Accounts receivable | 27,537 | (60,869 | ) | 20,172 | (30,253 | ) | |||||||||
| Accounts receivable/payable, affiliates | — | — | — | (31 | ) | ||||||||||
| Inventories | (10,133 | ) | (1,127 | ) | (10,201 | ) | (731 | ) | |||||||
| Income tax receivable/payable | (714 | ) | (41 | ) | (823 | ) | (510 | ) | |||||||
| Prepayments and other current assets | 1,006 | 138 | 781 | 648 | |||||||||||
| Accounts payable | (25,246 | ) | 63,845 | (4,574 | ) | 22,239 | |||||||||
| Accrued liabilities | 256 | (145 | ) | 649 | (2,709 | ) | |||||||||
| Other | 127 | (52 | ) | 194 | 64 | ||||||||||
| Net cash (used in) provided by operating activities | (6,675 | ) | 11,446 | 14,703 | 7,838 | ||||||||||
| Investing activities: | |||||||||||||||
| Property and equipment additions | (4,806 | ) | (3,009 | ) | (13,316 | ) | (8,917 | ) | |||||||
| Proceeds from property sales | 196 | 1,634 | 2,506 | 3,078 | |||||||||||
| Net cash used in investing activities | (4,610 | ) | (1,375 | ) | (10,810 | ) | (5,839 | ) | |||||||
| Financing activities: | |||||||||||||||
| Borrowings under Credit Agreement | — | 38,000 | — | 76,000 | |||||||||||
| Repayments under Credit Agreement | (625 | ) | (38,625 | ) | (6,875 | ) | (77,875 | ) | |||||||
| Principal repayments of finance lease obligations | (1,551 | ) | (1,697 | ) | (4,800 | ) | (4,944 | ) | |||||||
| Net proceeds from sale of equity | — | — | — | 549 | |||||||||||
| Dividends paid on common stock | (638 | ) | (619 | ) | (1,927 | ) | (1,908 | ) | |||||||
| Net cash used in financing activities | (2,814 | ) | (2,941 | ) | (13,602 | ) | (8,178 | ) | |||||||
| (Decrease) Increase in cash and cash equivalents, including restricted cash | (14,099 | ) | 7,130 | (9,709 | ) | (6,179 | ) | ||||||||
| Cash and cash equivalents, including restricted cash, at beginning of period | 49,636 | 17,758 | 45,246 | 31,067 | |||||||||||
| Cash and cash equivalents, including restricted cash, at end of period | $ | 35,537 | $ | 24,888 | $ | 35,537 | $ | 24,888 | |||||||
| ADAMS RESOURCES & ENERGY, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION (In thousands) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of EBITDA and Adjusted EBITDA | ||||||||||||||||
| to Net (Losses) Earnings: | ||||||||||||||||
| Net (losses) earnings | $ | (4,540 | ) | $ | 2,258 | $ | (7,267 | ) | $ | 1,086 | ||||||
| Add (subtract): | ||||||||||||||||
| Interest income | (528 | ) | (119 | ) | (1,662 | ) | (893 | ) | ||||||||
| Interest expense | 572 | 1,027 | 2,036 | 2,525 | ||||||||||||
| Income tax (benefit) expense | (1,066 | ) | 759 | (1,465 | ) | 357 | ||||||||||
| Depreciation and amortization | 5,752 | 6,936 | 18,287 | 21,289 | ||||||||||||
| EBITDA | $ | 190 | $ | 10,861 | $ | 9,929 | $ | 24,364 | ||||||||
| Inventory liquidation gains | — | (4,890 | ) | — | (2,922 | ) | ||||||||||
| Inventory valuation losses | 2,118 | — | 821 | — | ||||||||||||
| Adjusted EBITDA | $ | 2,308 | $ | 5,971 | $ | 10,750 | $ | 21,442 | ||||||||
FAQ
What was Adams Resources & Energy's (AE) revenue in Q3 2024?
How much is AE's quarterly dividend for Q3 2024?
What was AE's crude oil marketing volume in Q3 2024?
What factors impacted AE's Q3 2024 performance?
